Ep466: Jimmy Lee – Sometimes Life Rewards You for Solving a Riddle

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Quick take

BIO: Jimmy Lee is a Venture Builder and Humanitarian.

STORY: Jimmy and his partner got into a partnership with two other businesses for a huge project that would bring them big returns. One of the businesses wanted Jimmy to collude with them and kick the third company out of the project. He refused and got cut out of the project, losing everything he had invested in it.

LEARNING: Get your downpayment at the start of the project. When you receive help, pay it forward.


“If you have a firm belief in yourself, and you know what you want to do, you should go for it. Things will come into place eventually.”

Jimmy Lee


Guest profile

Jimmy Lee is a Venture Builder and Humanitarian. Believe in yourself, and you can make the impossible possible!

Worst investment ever

Jimmy was introduced to entrepreneurship by chance by a friend. He went into it without experience, capital, or contacts—just a law degree and an idea. His first startup was a creative agency doing motion videos. Within four years, he grew the business into a multi-million business.

The year 2007 was a very great year for Jimmy and his business partner because they got two huge projects. They were engaged as a contractor for the celebration of the 50th anniversary of Malaysia. Their job was to project the first prime minister in a hologram.

The following year, everything fell apart. Jimmy’s company got into a partnership with two other companies. Jimmy got called for a secret meeting with one of the companies and was told not to inform the other company. He went for the meeting with his partner out of curiosity. The value of the project was about 4.5 million Malaysian ringgit. The other company wanted to sideline the third company and divide the profit between their company and Jimmy’s.

Jimmy and his partner said no to that idea because it was unethical. A week later, Jimmy’s company got terminated from the project. All the payments he was supposed to receive had been pending due diligence, and now he couldn’t get paid. He lost everything overnight. They had focused on that one huge project for the past few months, and many resources went to it.

Lessons learned

  • Don’t give up even when you face failure and other hurdles.
  • Get your downpayment money at the onset of the project.

Andrew’s takeaways

  • People do help people sometimes out of the blue.
  • Once somebody has helped you out of the blue, you have an obligation to pay that forward.

Actionable advice

Continue exploring opportunities and learn from your failures and be better. From that, you can do something even bigger.

No. 1 goal for the next 12 months

Jimmy’s number one goal for the next 12 months is to set up a venture fund in Singapore. The venture will fund projects focused entirely on food, technology, and social enterprise.

Parting words


“Do things that are out of the box. Don’t be afraid because sometimes it’s just internal fear. So be bold and mighty force will come to your aid.”

Jimmy Lee


Read full transcript

Andrew Stotz 00:02
Hello fellow risk takers and welcome to my worst investment ever stories of loss to keep you winning in our community we know that to win in investing you must take risk but to win big you've got to reduce it. Join our community to claim your podcast listener discount on my valuation masterclass boot camp where students learn how to value companies like a pro and advance their career. Go to my worst investment ever.com right now to join the community for free fellow risk takers. This is your worst podcast hos Andrew Stotz, from a Stotz Academy, and I'm here with featured guest, Jimmy Lee, Jimmy, are you ready to rock?

Jimmy Lee 00:43
Oh, yeah, let's do this.

Andrew Stotz 00:45
I am really excited to get to hear a little bit about what you're doing and your story. And you know, you're gonna win the prize for the clearest, simplest, straight to the point, bio, ladies and gentlemen, let me introduce you to Jimmy Lee. He is a venture builder, and humanitarian. Believe in yourself, and you can make the impossible possible. Jimmy, take a minute and fill in further tidbits about your life.

Jimmy Lee 01:18
Alright, Andrew, thank you so much for the introduction. So my name is Jimmy Lee. So I'm a venture builder. And I've always been an entrepreneur, since I graduated in law. So that was in 2002. So I have been an intrapreneur, also a venture builder for 19 years. I have for startups by far. And I've mentored about over 50 other startups as well. So my primary focus right now is basically to change the world to entrepreneurship and to this podcast, and also, hopefully, I can inspire readers to reach for the dreams and not be afraid.

Andrew Stotz 01:51
That's beautiful. And that, you know, I have to ask you make the impossible possible. What does that mean to you?

Jimmy Lee 02:00
Or what it means to me simple in this because sometimes we come across in our lives whereby we are afraid to take the plunge, alright, afraid to take that step afraid to make that commitment. Afraid, assume that risk, you know, that will sort of give you some form of a platform to success. And you're not sure you can do it, you have that doubt, you know, Can I do it? Do I have the financial resources to do? I mean, if everything goes against me and I right now we're living in this pandemic called COVID-19. You know, a lot of people are going through a lot challenges in Malaysia, especially if people lost their jobs, you know, and the cases of people killing themselves, suicides are quite high. And so the thing is, is you know, is that when you face such challenges, do you give up? Or do you strive forward? You know, so I'm a firm believer that if you have a firm belief in yourself, and you know what you want to do, you should go for it, you know, and things will come into place eventually. Yeah.

Andrew Stotz 02:54
Fantastic. Well, that's inspiring. And now it's time to share your worst investment ever since no one goes into their worst investment thinking it will be. Tell us a bit about the circumstance leading up to it, then tell us your story.

Jimmy Lee 03:09
Alright, Thanks, Andrew. Okay, my story starts way back in 2002, I graduated in law, and I thought I was going to be a lawyer. And no, as I always thought that law professions, the right one for me. But unfortunately, I went to work for a law firm, I discovered a lot of things I didn't like about being a lawyer. One thing is the fact that you're at the mercy of the service you're applying. So I didn't really like that, you know. So basically, a lawyer means that you have to bend the rules sometimes to make sure your client's needs are met. So I wasn't totally comfortable with that doing that, actually, especially when it comes to like the criminal cases, you know, so yeah, I got a law degree. And I decided not to practice and I was looking around, then, I was introduced to intrapreneurship, by chance by working for a friend of mine. And I love it, you know, the whole process entrepreneurship, we have an idea. And then from the idea, you have a business plan, and vision and purpose and stuff like that. So I went headlong into intrapreneurship with no experience, no capital, no contacts, just a law graduate with just a knife in an idea. So my first startup in 2002 was a motion effects video. So we actually creative agency so we do like corporate videos, documentaries, and music videos and stuff like that. We learn from scratch. And just like there's no manual, we didn't go to university. We didn't go to college. I didn't even know how to work the camera. So it was just what we did was we went from the bottoms up, you know, from the bottom, I was like an intern and there was a production assistant, there was a production manager. So I was a producer. So it was like just learning on a job. It is observing how people do it. Oh, okay. So that's how you do it. All right. Okay. Can you show me how to work these things out? So they showed me so I learned from that. So it just me and my business partner. Agnes is two of us. We were operating from a bedroom, simple, no rental, and we're just going for four projects. And I got to tell him he was so challenging because you know, who want to give projects to a law student? Right. So, yeah, so it was very challenging getting clients, but we just persevered. We just went forward. To cut the long story short, within four years, we grew the business into a multi million business. Alright, so, and 2007 was a very great year for us because we got two huge projects. One was actually the we were awarded the contract for the development for the Bank Negara Museum, essentially the Central Bank of Malaysia's Museum and Art Gallery. So it was a vigorous, crazy, tender process, we're up against 60 companies, and they were some of the most biggest agencies in the world. And we won, you know, so huge, you know, so we won the tender and impossible. So we're engaged as a contractor for the celebration of the 50th anniversary of Malaysia. And it was celebrated at Stadium medical medical stadium. And our job was to project our the first prime minister is no longer around. So we holography projected him on the stage. So it was like a 10 feet holographic projection of our on the first prime minister Malaysia. So it was a huge time to those seven. And on paper, at least I was a millionaire based upon the projects that we secured. So happy I became a millionaire. Before I turned 30 years old, 29 years old, I got all those projects on paper, it was like, well, there's a million here, there's a million here, there was like really happy time and group. The following year, everything fell apart. Alright. How we fell apart was quite simple, because like, just a few projects I was working on. And it was a partnership, there was a three companies, right. My was one, I mean, there's two other companies. So I was called for secret meeting with one of the companies and I was told not to inform the other company. So it was like a secret meeting between two companies. So it's a bit dodgy. So you know, I was like, What's going on here and in because we had never met, like behind closed doors like this. So my partner went for the meeting, because we were curious about what was going to be discussed about, you know, so we sat down the meeting with the partner of ours, about two of them, you know, and the minute offered as basically, I mean, the whole project has grown from 1 million plus to about 4.5 million ringgit Malaysia. So they were planning to remove the Manhattan Project. I mean, the whole reason of doing so is so that we have a bigger share of the pie and see. So is this the simple thing? Okay, 4.5 million divided by three partners about 1.5, you know, so the two of us will be divided into so it becomes 2.2 5 million, ringgit Malaysia. So it was like an offer on a table right now, all we need is a support, and you just need to sign with the munition let everything get the additional money to the bank account immediately. I was like, son, Andrew, I was like, wow, okay, you know, I was fun. I was surprised at the offer. So I looked at my business partner, my partner, my same company, and she looked back at me and we had an understanding without even discussing it. So we turned on the proposal. Alright, we say no, is the we say that this is unethical. And I say that, you know, three companies went in for the tender, we worked really hard for it, we were awarded, you know, and by right, all three companies should be rewarded. And we should complete the project to the very end, the mental, the other company. And it's like, I mean, if you want them to work with us exclusively for the next project, more than happy to do so. So basically, then they just say, Is that your final answer? And I say, Yeah, I know, that's just not the way we do things, man. I feel Yeah. Okay. All right. So, um, a week after that, Andrew, I got terminated from the project, you got cut out, I've got my camera got cut out, I got an E, I got a fax from the company, my company extended input from the project with immediate effect. All my payments that I'm supposed to receive have been with whole pending due diligence was what locks and everything like that. And then my client was furious was like, What the eff you, you know, what the Esteem going on? You know, what was going on? And blah, blah, you know, so? Yeah, it was terrible time because we lost everything overnight, because we focus on that one huge project for the past few months. So a lot of resources went to it. And so because they wanted to complete it early, so when you probably early, get the money earlier at the payment network, so then we just lost the whole project. It's like an overnight, you know, and I remembered that we were trying to get the client to try to separate the contract and like, just divide the contract to, you know, something for the two partners, they are the one from a company to be awarded that into my company. And I remember I call my parents my partner was calling her parents trying to borrow money as fast as possible to to set up you know, to make sure we had the funds to continue for the next few months and see just to continue the project to see whether the decline will award the project and so we took on massive massive loans and we try we hire people and try to like just do things on our own and stuff like that. Six months down the road flying decided, not our problem, you know, so yeah, So if you're not getting paid, then it's not really a problem. So there was it, you know, my mind millions down the drain. I was heavy in depth, you know, I was hot skylight you have in depth on my landlord actually doing an action against illegal action to evict me from the office because I'm not paid rent for six months. So it was a horrible time. I know, it was horrible time I wasn't very cool. I was trying to figure out how am I going to dig myself out from this hole? And because it was horrible, you know, you know, and there were times that I was living without food for a couple of days and was trying to stretch a room like a loaf of bread and stretch it for few days. So you know, it was, it was a very terrible time. Yeah, that was, I will say the worst investment ever. That qualifies. Yeah, yeah, that qualifies. Because, you know, you went from possible million and and you went to the pariah, you know, so it's like, nobody wants to talk to you anymore. So, yeah, but the good thing about the story is, is I mean, I remember very clearly what happened. A friend of mine, arranged one meeting between me and this friend of yours, you know, it's like a business associate. And he said, Hey, he's doing social marketing, digital marketing, you know, why don't you meet up with him? You know, maybe we can talk things out, and we can get some project going, you know? And I said, yeah, yeah, why not? Right. So I was about to meet up with him. Then the high court actually sent officers to my office, and they actually lock up the entire office. Yeah, a couple of guys come over. And they told my staff don't touch anything. You know, just take your bags. We're going to make an event. We have everything in your office, and we're going to seal the office. I was like, wow, okay. Whoo. Yep. Rough, really rough. That's horrible. So, so you can imagine my mind was like, not in the right place. I was depressed. I was feeling stressed out and everything like that. Nobody's meeting this guy and Starbucks, you know? And I was like, contemplating, maybe I should just not see the guy. And I was like, I'm just learning the right. I'm not in the right frame of mind of anyone, you know. But I forced myself to go to the meeting, because I felt okay, you know, yeah, you had a setback? You know, where do we go? See, maybe it's business opportunity, right. So we just try it. So I went to the meeting, said Stop Starbucks. And basically, we sat down, shook hands and everything like that. introduce ourselves. And the first question he asked is that, how is your business going on? Jimmy? I was like,

Andrew Stotz 12:18
it's a little locked up right now.

Jimmy Lee 12:20
Yeah. How do you even answer that question? Right. So you know, it's like, immediately in my mind, it was a two things going on. Right. Okay. Should I just lie to him? Tell him that, wow, you know, we've got this massive project. And then, you know, we're doing great, you know, we have all these things going on everything like that. But that's a bit of a lie. Or should I just be honest, and just tell him exactly what happened to me my business. And remember, and you by being honest, is the reason why I was in this mess in the first place, you know, right. So do I really want to go down the same path again, I know I screw up things, right. So I didn't really know what was going on with me. So I just decided, I think I just went them through. So I don't think the same exact thing that I told is now you know, we started motion effects video, we have these two massive projects. Let me go betrayed by a business partner who just lost everything. And I just told him my offices are locked up by the court day, you know, and I have about less than 10 ringing in my pocket. You know, we're talking to you right now. Yeah. So you'll

Andrew Stotz 13:17
be paying for coffee. And now.

Jimmy Lee 13:22
Yeah, so basically, the waiting was Starbucks the fact that you pay for your own coffee. So you know, so yeah, so I didn't order anything. So that was our safe. So So to be honest, Andrew, I was like, Okay, I think this is going to be the shortest meeting when I have I went, I think this guy will say, you know, when Jim unit nice, nice meeting you, thanks for coming, you know, you know, let's shake hands. You know, when things get better, what do you get in touch with me, then we can talk things, but then when you have your company up and running again. So I thought that was what's going to happen. So I was like, about to clear my stuff off. And then he just said, Okay, how long? You know, I didn't say this meetings over. And he just asked me Okay, so exactly how much looking for to clear your, your legal problems are having right now. So I told him, Well, I need about 20 20,000 within 9000 minutes, and within two weeks, if not, everything's gonna be optional by the court. Right? So he said, All right. I mean, he said the most greatest thing and he said, Okay, I'm gonna write down my address on your notebook, and come over to my place and about 830 Let's talk things out. I might be able to help you. I'm like, Oh, okay. Interesting. Unexpected, of course, you know, so I left you know, then I met up with my business partner, I told her everything what happened? And she was very skeptical. She said that, what would you want to help him? You know, I just total strangers. I just met for five minutes. I have no idea. He said, just, you know, we can make it, you know, should we go you know, go and then you know, and then she decided to follow along because she said that and I didn't want you to be envious. Some loan sharks and you might not be a loan shark or whatever. So yeah, so I went for the meeting with her. So we sat down. So basically, we sat down with him, you know, And then I still remember very vividly going to his house, you know, it's a nice neighborhood. It's a very rich people neighborhood, you know, the cases houses a village three stories down, and then he has like two sports car in the front and say, Okay, this guy is doing very well for himself. So okay. I don't think money is an issue for him. So I went to the dining room, sat down with him, then he came over. And then he said, Okay, then he asked me again, you know, how much exactly do you need to sort out your legal issues? You mentioned about 28 29,000? Is that correct? I say, yeah. 2028 29,000. And I don't have the whole amount for 20,000. But we need 29. Because apparently, according to the legal action, I have to pay the lawyers for my landlord as well. So that's how it goes. So he said, Okay, I'm not going to help you with that. 29,000 I'm like, okay, you know, and guess what, I'm going to give you 40,000 I'm like, wow, you know, 40,000 ringgit, that's like 11,000 more than I need. So I asked him, what's the catch is, is a loan, I mean, you invest into my business, you know, what, what,

Andrew Stotz 15:58

Jimmy Lee 15:58
is it? You know, he said, I'm just going to give you the whole part, the whole cash if you can solve a riddle. And that's it. And I said, no strings attached, no strings attached. Interesting. So I asked him if it was a riddle, so he gave me he gave me the riddle. And I and you know, and then I asked him, Is there any terms and conditions to this whole process that we are doing right now? He said, basically, does nothing mean you give me the answer, the right answer, give you the cash, there's no time limit. But apparently, you do have a time, because you have two weeks to come up with the money or else you know, your property is going to be auctioned off. So I don't have a time limit by the time you do so. You know, so I remember driving back from that meeting, and, and I was talking to my partner, and she's like, I do, I think this guy's bullshit. And, you know, I mean, who's who's gonna give you that? Huge amount of money? You know, I mean, a total stranger that I know. And the thing is, you know, she said over a riddle, and are you serious? You know, I don't think it's a genuine thing, you know? And I was like, thinking to myself, You mean, should you do this? Should you not do this? You do? Should you do it? You know, do you not do this? Some of that? So I decided, Andrew, let's do it. You've got nothing to lose, right? No, let's do it. You know. So, the next two weeks, I tried to figure out every kind of answer that that will try to answer it, you know, just giving the answers as often as I can. I know. But all the answers are incorrect, wrong, stuff like that. So came a day, about two days before the deadline, I was stressed out, because I was looking at the data that Michael have on your, like, 48 hours left. So I was watching Astro, I was watching some cartoons and animation movie. And yeah, I thought I saw the answer in that in that movie. It's just like, a flash, you know, of some sort. You know? Like, I'm like, Wow, is that the answer? But the answer is simple. Andrew is not thought provoking is not life changing answer that has been given to the guy in Starbucks. So it's very simple answer, nothing complicated. So the next day, I had a meeting with a client then after the meeting, but for something like texting the answer, this is 2008. So there's no WhatsApp yet, whatever. So it's just messaging. So I message him on my phone, my Nokia phone and everything, and just wait for the answer. And for the life of me, I just didn't understand because, you know, for the past almost two weeks, he answered me quite quick, immediately, about less than three minutes. Again, an answer. But this one took about 22 minutes. I mean, I knew because I was looking at my watch. And I was like, why is taking so long? Why are you keeping in suspense? You know? So after that long wall, so long, very long, long, 22 minutes, if I never replied. And he said that, you know, he didn't say yes or no, he just said that. Meet me at Coffee Bean at 230. You know, I'm like, okay, something's going on. And so. So I was there early. I was there by two, because I was really, really excited. And a lot of it was going through my mind, is this guy serious? Is this happening, you know, so that I saw him coming to his coffee bean. So I saw him and Andrew, the thing that made me really happy was the fact that I saw this as your checkbook right behind his back pocket, you know, so I can see it just to check this checkbox, like, okay, okay, there's a checkbook there. So, this might actually come through. So he came by, he said, No, I didn't even bother to say Hi, there. I just say, bro, you know, is that the answer you're looking for? And he said, Yeah, you got the right answer. You know, that's the one I was looking for. And he just sat down and just wrote me a check. You know, they say that, you know what, I don't really know your full name. I just know it's Jimmy. So I just need a cash check to you. So just make it cash or cash, anything 40,000 ringgit, he's signing everything that he just, you know, the chairman that gave it to me, and I was like, wow, what's holding? What just happened? So and that he said to me these things yesterday, I was very lucky and got to him in time because he said he had a flight back to Singapore at about 5pm. That's that day. So. So you said that was just a bit late. You know, I wouldn't be able to get the money from him because he'll be in Singapore. So I caught him just in time before I went to the airport, you know. So he left. I was holding the check, I looked at my mind my wife, okay, so before, and all the banks are closed. And so I brought the check back, you know, so I showed it to my business partner, and then she's just always it. And then she said to me that, you know what, maybe he's going to cancel the check. You know, I'm like, oh, man, okay. That's another possibility. I didn't think okay, she might cancel the check. Okay. So Andrew, the next day, early, early in the morning, because that's the day of the option. So about 8am in the morning, I call up my lender, I said, Okay, I got the money for you. But you know, so just hold on to your option and he said that you should get the money because you have not been here for six months. And I said, Yeah, I've got the money but you know, just don't go have the option. Just give me about half an hour and I'll be there I'll give you the money. So he said okay, don't don't Don't Don't screw with me, you know, because you know, I will make you ready. I'll make sure you have a terrible time at school any further so if you're okay. When did the bank the banks will open the shutters are closed? And I just waited, waited outside all those things with my mind and can you imagine what's going on my mind . It was the most craziest time you know, the shutters went up. I didn't wait for the shampoo. I just went and went straight to the counter and get the check to the lady at the counter. I said and I say okay, can I get your identification card? Which is actually my Caitlyn mentioned the given my minecart get the check. Yes. Okay. So I can just sit down so we will process it for you. So as I sat down, I wasn't biting my nails or watching her like a hawk. Like every single movement, and I was watching everything. And so far, I saw her and going through the check. She was like, I'm just picking stuff and checking to make sure the details are correct. So like typing something in the computer, and as you're setting the details and everything. And then she called the manager, and when she called the manager, I was like, Ah, shit falls apart. Yeah, I think it's not happening, man. She called the manager at the time my manager came over, I look at her. And she pointed at me and he looked at me and then he did that thing that I didn't really like he just shook his head. I was like, Ha, all that. Yeah. So he shook his head and then you know, so I was like, okay, and then then the lady called say, Mr. Jimmy, they come to the counter nine so I went to the counter, I was like, okay, you know, and then she gave me back my my card my identification card and she just asked me okay, we should like it in hundreds of oh, man, best feeling ever.

Andrew Stotz 22:36
Then you ran to get that money to the landlord?

Jimmy Lee 22:40
Yeah. Okay, okay. So basically they had it prepared for the parent the payment goes to the court so it hasn't been a bank draft so it cannot be in cash. So the 29,000 was the bank draft so the remaining balance was cash flow and make a run through it to my office and again the bank draft you know to the My landlord he was like shot where do you get this money? I say this You wouldn't believe me but I have the story that you know so the whatever balance in I call my ministers minor we had KFC you know, after like, you know, months of not really having proper food we actually sat down we had KFC and that's how we celebrate the fancy fancy meal, a fancy meal for up sticking around with some Pepsi so that was our celebration meal KFC. So whatever balance that I had, you know, I decided to okay, I paid off all my debts, whatever, I could be happy of my debts and everything like that, but it wasn't enough, you know, so eventually we had the follow up that we had to close the business. And then I never gave entrepreneurship I decided okay, I feel not because of lack of effort, or I didn't have the vision at work I was betrayed by a business partner. So I refuse to give up I mean, I still remember those times and I was in between closing my first startup and moving on to my second startup. I didn't have money because we get a lot of people from the whatever business they left. And I remember going back to my mom, you know, every once a week just to get some ingredients for cooking like a sand vegetables and biddable rice you know, and that should give me a bit of money to make sure that you know I don't you know, leave without any form of cash and so that's how it was I remember him I was like so whatever message you know, you know, Jimmy should just give it entrepreneurship and just start working somewhere and get a job get a job have a law degree What are you thinking you know, and know once you're successful you're up there again, you know, your savings can start intrapreneurship again, but Andrew I just refuse to give up I refuse to just give in so I just kept on so yeah, my same business partner had this idea. She said that you know what, you know, I can cook and also you know, we have a car so probably can have a food business going, you know, I can cook I need to take orders. I can just deliver the food. This is way before grab on. This is like way like 2000 Long time ago. Yeah. 2011 Did you know we started this, my first food startup? So yummilicious, as I started back in the business, when we started yummilicious, we started cheap to prepare the food to cook the food on delivery, you know. So we focus on burgers and stuff like that. So from there onwards, we started growing, and now we have three boss group. Now we became venture builders, and I'm in the process of setting up my own venture funds for technology. So that is my story of

Andrew Stotz 25:26
what happened, and what happened to the guy.

Jimmy Lee 25:29
I mean, I call him up, I thank him. And basically, we started working together. I mean, he was trying to see what he could help to revive my first startup, I started it, but even he knew that, okay, I think it's a bit pointless. So he said, you know, what, you know, use whatever's left, you know, build rebuild your life and start a second startup, you know, but he just told me this, never, ever give up, you know, don't give us whatever, and I have a seat for another project, you know, and then you just left it. So I keep in touch with him. So basically, I mean, I've actually prepared a call a lawyer friend to prepare a contract whereby I wanted to pay him every month, like a certain amount of money. But he had to sign it. And so yeah, so I'll just keep it in mind. But I do keep in touch with him. So I did, I did tell him that once, you know, I'll find a way to reward you somehow?

Andrew Stotz 26:20
Well, there's so much to that, one of the things that I would say is that there have been times that people have done good things to me, for me, and they didn't ask for anything for it. And they either said to me, do something good for someone else, or it was just implied. And so I think, you know, my takeaway from your story really, is the idea that, you know, people do help people sometimes out of the blue. And also, once somebody has helped you out of the blue, you have an obligation to pay that forward. You know, and I think that's one of the things I know, there's been people that have helped me. And there's people that I've been able to help. And I think a lot of that just really comes down to help each other as best that we can. And also, the other thing that I've thought about a lot over the years is that I generally, you know, I used to kind of loan money, but now I just think you're, you know, if you're going to give someone some money, it's probably better just to give them a little grant, you know, it's better to just say, Take this, go get through your trouble. And then, because the whole lending thing just turns into a bit of a mess. So let me ask you, based upon what you learned from this story, and what you continue to learn, what one action would you recommend our listeners take to avoid suffering the same fate? And I think I'm thinking about this situation of somebody giving you an ethical choice. If you had just screwed the other partner, you would have been fine. Many people think that right? And by saying, No, I'm standing up for my own ethics, you hurt yourself. Right. So I know a lot of the listeners are in these ethical dilemmas. And you know, they need some guidance from you. So what one action would you recommend that they take to avoid suffering the same fate?

Jimmy Lee 28:22
Well, the thing that can take away from this whole experience is one is the fact that that always be hopeful, but be prepared for the worst, right? I think that's the best advice I can give. I mean, still explore opportunities. I mean, for me, personally, I do not give up on partnerships, I still have financials, I still look for companies that I work with, because the takeaway from this whole experience is the fact that there's more experience when it comes to business partners. So I can spot things early on if something's gonna go right and stuff like that. And I was a bit naive, my first circumstances in the sense that I didn't really get a legal protection and get a lawyer to draft things up, because I trusted, I trust that they will do the right thing. So the takeaway is the fact that learn from whatever failures they may have, and then basically be better, right and learn from it. And from that you do something even more bigger. And I'm glad that I didn't give up on partnerships. I'm glad I didn't give up on eternities because I still receiving them and still giving them and like what you said earlier, users experience a feed forward, which is why I mean humanitarian as well as why I'm doing a lot of projects to help the needy the refugees. I'm in support of a various different fundraising programs and some of that and we have amazing, amazing programs are going to do soon, you know, once the funding is. So never give up hope. Never give up opportunities, never, you know, shut away from the experience and say, Okay, I think I'm not gonna do it. I'm not gonna worry at all anymore. No, don't do that. Explore, be curious, you know, but be prepared for the worst, you know, and always, always, always be curious in the things that you want to do.

Andrew Stotz 29:48
Alright, last question, what's your number one goal for the next 12 months?

Jimmy Lee 29:51
My number one goal for next 12 months is basically to set up a venture fund. Basically, we're in the midst of setting a venture fund in San Jose. You will be in Singapore. And this venture fund basically looks for projects that is focused entirely on food, technology and social enterprise. And we have amazing, amazing projects that line up. Just to give you an idea we're planning to do is the fact that we have a project lined up in Kenya, I'm not sure you're aware that Kenya has a select annual famine and draw. So they go through this every year. So we have a program lined up in the sense that we're going to provide seedlings to the farmers in Kenya, so they can work on the farms within siblings. And from the profit itself, we can have profit sharing. So yeah, so we saved them from going through a famine to give them income and stuff like that, and profit sharing kind of a business structure. So my venture fund, we received some form of income and revenue from there as well. So for the next 12 months, I've been very much focused on this venture funding getting going. And we have a lot of projects that we're looking into in like clean water. I recently started mentoring a startup from India called Avalon green energy. So I'm really excited about it, because we are aiming to produce the world's most affordable and most efficient water purifier at the cost of $10 per unit. Right? So just $10 You know, so I've seen it, I saw the prototype. And I think that this is the answer to people in poor countries who have no access to water, clean water, and he doesn't require electricity doesn't require any form of support. It's just like a water bottle, but he doesn't want it you know, and I've seen the results how how the water is purified. It's just amazing. So my mind because I did not give up on partnerships and inductive I did not like shut myself away from activities I keep on going forward, keep on looking for opportunities to become business partners. And now I'm surrounded by all these amazing, amazing projects I'm working on and that is I'm having the best time of my life actually at the moment.

Andrew Stotz 31:45
Fantastic. Well, listeners there you have an another story of loss to keep you winning. My number one goal for the next 12 months is to help you my listeners reduce risk and increase return in your life. To achieve this I've created our community at my worst investment ever.com And when you go there and join, you'll get that special discount on my valuation masterclass boot camp. As we conclude, Jimmy, I want to thank you again for coming on the show. And on behalf of a Stotz Academy, I hereby award you alumni status for turning your worst investment ever into your best teaching moment. Do you have any parting words for the audience?

Jimmy Lee 32:24
Thank you everybody's award. You know, I'm really grateful for it. My parting was the audience's needs to be bold and mighty forces will come to a right is the quote from king vessel. It's something that I hold on to very dearly and I hope by listening to my story that all of your listeners will be like inspired to do things that is out of the box. Don't be afraid and because sometimes it's just internal fear. So the bow and mighty force is a company and I wish everyone great success.

Andrew Stotz 32:56
Be bold and mighty forces will come to you a that's a wrap on another great story to help us create, grow and protect our well fellow risk takers. This is your worst podcast hose Andrew Stotz saying. I'll see you on the upside.


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About the show & host, Andrew Stotz

Welcome to My Worst Investment Ever podcast hosted by Your Worst Podcast Host, Andrew Stotz, where you will hear stories of loss to keep you winning. In our community, we know that to win in investing you must take the risk, but to win big, you’ve got to reduce it.

Your Worst Podcast Host, Andrew Stotz, Ph.D., CFA, is also the CEO of A. Stotz Investment Research and A. Stotz Academy, which helps people create, grow, measure, and protect their wealth.

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